Located along the southwestern side of Lake Michigan, the Chicago-Naperville-Elgin metro area is home to approximately 9.5 million residents, some of the most well-known sports franchises in the country and the nation’s third largest business airport – Chicago O’Hare.
Known as Chicagoland, the metro area – comprised of 3.8 million housing units within its 10,857 square miles – saw some interesting trends occur on home flipping among the nation’s 10 most populous metro areas during the third quarter of 2020.
|Total Number of Flips||1,019|
|Home Flipping Rate||3.5%|
|Flipping Gross Profit||$93,813|
|Gross Return on Investment||70.2%|
Other highlights from ATTOM’s third quarter of 2020 Home Flipping Report revealed the following details for the Chicago metro area:
Home flips in the Chicago metro area during the third quarter of 2020 were down from their peak that occurred in the second quarter of 2005 when they numbered 2,908.
Investors paid cash for 68.1 percent of all properties being flipped in Chicago, while 31.9 percent of purchases were financed during the quarter. Those flipped properties that were sold to cash buyers in the third quarter of 2020 accounted for 12.8 percent of flipped homes while 24.4 percent were sold to FHA buyers.
Flipped homes in the Chicago metro area sold in the third quarter took an average 228 days to complete the flip.